Number 10 claims it has 'no plans' to end pension triple lock amid reports Rishi Sunak is considering scrapping key Tory pledge
Number 10 said there were committed to the manifesto pledge
1 min read
Number 10 has claimed it has "no plans" to end the pension triple lock following reports Rishi Sunak was considering scrapping the Conservative manifesto guarantee.
Downing Street has batted away suggestions the manifesto promise could be ditched over fears the increases could become unaffordable in the wake of the coronavirus crisis.
It comes after reports that Chancellor Rishi Sunak is considering severing the lock, which links annual increases in the state pension to whichever is higher out of wages, inflation or 2.5%.
According to the Financial Times, Mr Sunak has been warned by Treasury officials that the cost of the payments could skyrocket next year if inflation rises as a result of disruption to the economy triggered by the pandemic.
But responding to the reports, a spokesperson for Boris Johnson on Wednesday said the Government would "always stand by pensioners".
"These are unique and challenging economic circumstances and we cannot hide from that," they said.
"As you know decisions on tax and pensions policy are set out at Budget by the Chancellor, but there are no plans to abolish the triple lock and we will always stand by pensioners."
Pressed on whether the scheme could be suspended until the economy recovered from the shock, the spokesperson added: "I am not going to speculate on what inflation might be in future."
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